Prioritizing Information Security in Supply Chain Finance: A Non-Negotiable Imperative at PrimeRevenue
By 4 minute read• Published November 6, 2023 •
Information security typically isn’t the first thing people think of when they think of supply chain finance – but that’s changing. As fintechs, it should be on the forefront of every aspect of our business and culture. A 2023 survey from Sophos reported that the rate of ransomware attacks in the financial services sector increased from 55% in the prior year to 64%. That’s nearly double the rate of attacks reported just two years ago.
PrimeRevenue fosters a strong culture of information security within our business. As partner to supply chains across the globe, it’s one of our most important priorities. We have committed outsized resources to continuously improving our information security posture. We take ownership in ensuring third-party validation is a critical aspect of security, which is evident in the certifications PrimeRevenue maintains (SOC 1 & 2 type 2, and ISO27001). This activity is vital to maintaining alignment with our customers’ compliance requirements. We are an extension of their compliance efforts and it’s a responsibility that we take seriously every day.
Key Strategies for Staying Ahead of Information Security Threats in Supply Chain Finance
Improving the information security posture in supply chain finance is crucial, given the sensitivity of financial data and the potential impacts of security breaches. This is why we go above and beyond within our internal operations to ensure appropriate security controls are in place, and processes are effectively tested, validated, and executed. We also firmly believe that world-class information security protections enhance how we deliver our supply chain finance solutions both internally and externally.
At PrimeRevenue, security isn’t merely a technical concern – it’s deeply embedded into the fabric of our organization. As noted earlier, we maintain a strong culture of information security The individuals, processes, and technologies within our TEAM work closely together to protect data, systems, and resources from threats and vulnerabilities. That starts with a resolute commitment from leadership, continuous improvement and assessment of our security posture and policies, and ongoing education about the latest threats and safe practices at the employee level. Every member of our organization has a role to play in information security, and that expectation is set from the top.
Third-party validation is also a strategy on which we lean heavily to keep us accountable. Our SOC and ISO certifications show our clients and partners that we are committed to maintaining a high standard of internal controls in how we handle and protect valuable information assets. It’s one more way we make it easy to be in partnership with PrimeRevenue, and one more challenge we’re helping our customers and partners alleviate.
Setting the Gold Standard: How PrimeRevenue’s Security Culture Strengthens Our Supply Chain Finance Solutions
Not all supply chain finance providers prioritize information security equally. If you’re vetting a supply chain finance provider, make sure information security discussions occur early in the conversation – not at the end – and you receive detailed responses to your security questions. Keep in mind that you’re not just vetting responses. It’s important to vet the maturity of the provider’s information security program (and its execution) as validated by independent, accredited third-party organization.
We believe PrimeRevenue’s strong culture of information security – and our rigorous approach and execution – differentiates us from other solution providers in the marketplace. At a minimum, it enables us to provide secure, high-quality supply chain finance solutions to our customers and their suppliers. It also demonstrates coordination, orchestration, and awareness of how our role supports the security of our customers’ financial and supply chain security operations. Our compliance is an extension of our customers’ compliance, and we are deeply committed to that responsibility.
We understand and embrace the philosophy that maintaining and improving information security is an ongoing process that requires dedicated focus, essential validation, and the agility to adjust to the evolving threat landscape. To achieve consistent successful execution and delivery, supply chain finance providers must champion, grow, and embrace a culture of security within their organization – one where every member understands their duties and responsibilities, and are held accountable to safeguarding sensitive data as well as upholding their commitment to customers and partners.